MUSQ vs. GSG
MUSQ (MUSQ Global Music Industry Index ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - MUSQ is a Communications Equities fund tracking the MUSQ Global Music Industry Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past year, MUSQ returned -4.15% vs 51.52% for GSG. At a 0.02 correlation, their price movements are largely independent. MUSQ charges 0.76%/yr vs 0.75%/yr for GSG.
Performance
MUSQ vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, MUSQ achieves a -8.93% return, which is significantly lower than GSG's 42.58% return.
MUSQ
- 1D
- -2.16%
- 1M
- 1.10%
- YTD
- -8.93%
- 6M
- -6.37%
- 1Y
- -4.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
MUSQ vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUSQ MUSQ Global Music Industry Index ETF | -8.93% | 19.60% | -4.94% | 1.76% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 0.80% |
Correlation
The correlation between MUSQ and GSG is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2023 | 0.02 |
The correlation between MUSQ and GSG shifts across timeframes, from -0.18 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MUSQ vs. GSG — Risk / Return Rank
MUSQ
GSG
MUSQ vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MUSQ Global Music Industry Index ETF (MUSQ) and iShares S&P GSCI Commodity-Indexed Trust (GSG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| MUSQ | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.40 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 5.47 | -5.65 |
| Martin ratioReturn relative to average drawdown | -0.44 | 14.39 | -14.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUSQ | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.25 | 2.26 | -2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | -0.09 | +0.19 |
Drawdowns
MUSQ vs. GSG - Drawdown Comparison
The maximum MUSQ drawdown since its inception was -23.11%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for MUSQ and GSG.
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Drawdown Indicators
| MUSQ | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.11% | -89.62% | +66.51% |
Max Drawdown (1Y)Largest decline over 1 year | -23.11% | -9.46% | -13.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -15.04% | -56.95% | +41.91% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -63.71% | +57.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.43% | 3.59% | +5.84% |
Volatility
MUSQ vs. GSG - Volatility Comparison
The current volatility for MUSQ Global Music Industry Index ETF (MUSQ) is 4.86%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that MUSQ experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUSQ | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 7.65% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 13.18% | 20.42% | -7.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.81% | 22.95% | -6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 22.61% | -4.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 22.03% | -4.17% |
MUSQ vs. GSG - Expense Ratio Comparison
MUSQ has a 0.76% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
MUSQ vs. GSG - Dividend Comparison
MUSQ's dividend yield for the trailing twelve months is around 0.69%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
MUSQ MUSQ Global Music Industry Index ETF | 0.69% | 0.63% | 1.08% | 0.74% |
Frequently Asked Questions
MUSQ and GSG have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to MUSQ (4.86%). In terms of maximum drawdown, MUSQ dropped -23.11% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs -4.15% for MUSQ. On fees, GSG is cheaper at 0.75% per year. On volatility, MUSQ has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 51.52% return vs -4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.76% for MUSQ.
MUSQ has the higher dividend yield at 0.69%, compared with 0.00% for GSG.
MUSQ is categorized as Communications Equities, while GSG is Commodities. MUSQ tracks MUSQ Global Music Industry Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Exchange Traded Concepts and iShares. Their fees differ too: 0.76% for MUSQ and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs -0.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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